Having a child

Your children are your legacy. Planning for their proper care from a financial perspective involves insurance, college savings and estate planning.  Be sure to review your current will, estate plan and insurance coverage when children arrive. 

Having a baby is one of the most exciting times in your life. It’s important to know the financial considerations associated with a growing family, including having a plan for both expected and unexpected events.

Put your plan in place:

1. BUDGETING FOR NEW EXPENSES
The costs of having a baby can quickly add up, so it’s important to start budgeting as soon as you start planning a family or know you’re pregnant. Take inventory of your financial resources and revise your budget to account for child-related costs
Identify any financial benefits, which you can take advantage of to help cover child-related costs.

2. RETIREMENT SAVINGS
With new baby expenses it can be tempting to cut back on saving for retirement. But securing your own future is especially important if you have children — you don’t want them to be responsible for your future health care or housing costs.

3. MAKE A PLAN TO SAVE FOR EDUCATION
Creating an education savings plan begins by defining educational needs and preferences. Answering these questions can help you get started:
– What will it cost?
– How long will it take, or how long do you have, to save?

With a growing family, your goals and priorities can change quickly. Our unique approach to financial planning for new families is built to be flexible and evolving with your life.

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For women looking to invest 50 k € or more, FinMarie Elite offers Private Wealth Management. Enter your details, and we’ll be in touch.

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